HullBID, which was set up in 2006, gained 80% of votes cast in the ballot of member businesses in Hull city centre.
The ballot also returned a similar majority in terms of the rateable value of business premises which took part in the vote. HullBID’s renewal target was a majority in each category.
Around 1,130 voting papers were distributed to businesses within the HullBID area during February. Details of the count published by Hull City Council, the official ballot holder, showed that 656 votes were cast by the closing date of 17 March.
There were 517 votes in favour and 129 against. The total rateable value in favour was approximately £30.5m compared with £7.2m against.
Jim Harris, chair of the HullBID board of directors and manager of St Stephen’s Shopping Centre in Hull, said: “The ballot result is a great endorsement for what has been achieved by HullBID over the last five years and, more importantly, a show of confidence in what BID can achieve going forward.
“Hull will be the 2017 UK City of Culture and there is no organisation better placed than HullBID to maximise the legacy of that celebration and to ensure that businesses in the city centre get the very best out of it.
“As a result of public spending cuts the resources available to our city and others will be greatly diminished. The city centre is in transition and HullBID’s role as the guardian of brand Hull is more important than ever.”
The previous renewal ballot in 2011 produced a majority of just 53% but more recently BIDs have been recognised as having a key part to play in regeneration.
Leeds, Sheffield and York have all voted during the last year to introduce BIDs.